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The main types of credit cards in Hong Kong are VISA and MasterCard, followed by American Express and JCB.
In order to choose the best credit card, you can consider the popularity and offers of the card types, and also the reputation of banks, class of the credit cards, etc. Many people own several credit cards to meet different needs nowadays. Also, you can consider your spending habits and choose Cash Back Credit Cards, Airmiles Credit Cards, Dining Credit Cards, Online Shopping Credit Cards, Premium Credit Cards, Corporate Credit Cards, Entry Level / Student Credit Cards, UnionPay Credit Cards, or Welcome Offers Credit Cards. You can also make use of MoneyHero comparison pages, and compare latest offers of credit cards.
UnionPay credit cards issued in Hong Kong can be classified into 4 levels: classic card, gold card, platinum card and diamond card, while diamond card is the most premium one.
Cardholders of UnionPay Diamond Card can enjoy free access to Plaza Premium lounge up to 3 times a year and other exclusive offers, such as hotel dining discounts and movie ticket buy 1 get 1 free. Applicants with a minimum annual salary of HK$150,000 are able to apply.
The main advantage of UnionPay credit cards is “0% foreign currency transaction fee” (other credit cards usually charge around 2%), which allows cardholders to shop oversea without extra cost.
Besides, UnionPay also issues "dual currency credit cards" that can separate HKD and CNY transactions by offering two accounts in one card so that cardholders can enjoy flexible payment.
The foreign exchange rate of UnionPay is slightly worse than Visa and Mastercard. However, credit cards issued by Visa and Mastercard charge around 2% overseas transaction fee while UnionPay doesn't charge any. Taking it into account, Unionpay's overall rate will be better.
UnionPay Card is widely used in mainland China. Even in Hong Kong, most of the chain stores also accept UnionPay payment. UnionPay is also accepted by large merchants in Japan, South Korea and many other Asian countries. Nevertheless, UnionPay is not that popular in Europe and the United States, it is recommended to bring a Visa or Mastercard credit card when traveling to these regions.
Confused about credit card terms?
Glossary terms to know for first-time credit card users